New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-12-01
A BIG FIRM GOING OUT or BUSINESS.

sN,I IIABiTTTIrs.
The large dty goods commission frm OF Brown.
wood & KinGman, Of No GO Worth s.. which has
branch establishments In Iio.ton. Philadelphia and
Chicago has decided TO quit the business, and steps
have been taken toward liquidation LcSl L. Brown,
the senior partner Of the concern. was seen yesterday
afternoon and said: The story that have failed
or have been crowded out Of hu-iuc>~ is absurd We
do not owe a dollar IN the world aud are closing BE-
cause Mill interests largo as to make other
res possibilities undcs irahlc.7
The last stafcmon, made By the firm 10 L. g.. Dun
& co. was dated November 3. and Wa, A. follows.
IIARliIIt%
Total aInoent 81 n.or' INT, uc lS 49, - @ ooo
Outstanding iudor,emes, November5 lss7 s5.555.3so
ss,rrs.
cash debts recei7abe merehandlss. stock raw
sEd rre',e.. Of wrh - se'o o'7 is N our ..e.oo,,
MnpiARs Is Dor sworn return, ..-......... f'77'''
To,aIa. $40 .Ss7
The firm never bought anything. doing nothing but
a commission business. ItSihcrcforc had no direct
liabilities. only liabilities were IN tie shape ot
Inducements for the companies that 10 represented
Therefore, tie of thOs" corpo aion' would
first have 10 be exhausted before Brown, wood King
man would be called upon TO pay. All the firms a.
ccptanccs were issued L.; Mr Wood, ln Boston, AMI
nearly Al s paper absorbed by Ho,ton AID New.
England banks before It coud roach New York 1i'
firms rating and credit the highest, they doing
an average Of cl3ONo 600 Oi burlhf~' a }'hi-
About Novcmbcr - syndicate was org1niIcd com
posed OF seven banh~ and Trust companies of this city
and a few individuals Who through thc Massachusetts
loan and Trust Company, agreed TO furnish f''o'"o'
or a. much a. might hc required within that mount
10 supplement the Of the house la plan "i
uquidaiion The trust company hcldN a. collateral
security the stock Of l. t. Brown, IN The Nhilng ana
L. T.. Brown paper companies, and In the h"nifc"
and Freeman manufacturing companies, at valuation
established upon inspection Of those mills 10y TWO
gentlemen who visited them in behalf Of the syndicate
To the latter Mr. Brown also represented Thar u" cohh
and would within thirty DAYS raise r'o"u'V IRON
other property Of his that is not pledged G s'I'h ne
has prrpa red do this Whenever II i f'''N"A' ~
INC shortest notice These arrangements Wrlr mdde
upon the undciSt andng that the house incur no new
liabilities and that accordingly the accounts u nan
should be transferred To- other commission h"usrS.
Thc latter condition has also been ulhllcd thr IaSt
niII accounts being placed by the treasurer OF th'
continental and Gilbert mills YESTERDAY. Ihr aha'
of tn firm Will be wound up IN m"hlh or '""'
The firm o Brown. Wood 4 klnEnah was one "i
the largest establishments Of Its hlnd IN th' h'r"
STATES II was formed on January !, lerO bS I!Nl T."
Brown and william +. Brown Of North Nddh'' MAS.
william H. Wood. Of Boston; Abel W klhgindh, nom
~ T. Kingrnan and Barton t. klngnan "i Nc" ORR
f. t. Brown was the capitalist, and hls persona" 's'
faic and realty were valued Al F2i@a.ooo
Tho KlngmanS formerly with y J. N''Nhl'
and whom the firm organized were worm S-u"uOo'
They managed the New York house